IRS Rules for taking distributions or loans from retirement plans due to COVID-19 The Internal Revenue Service are helping retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions by providing enhanced [...]
Covid-19 related Tax Filing and Payment Updates Because of the Coronavirus, taxpayers have several options to schedule and pay federal taxes electronically that are due on July 15. Taxpayers with previously scheduled payments for April 15 also have a [...]
Beware of Coronavirus Related Scams The IRS is reporting a surge in new phishing schemes and scams against taxpayers. If you are contacted about your banking information by someone from the outside, do not provide it. Taxpayers should never provide their [...]
Coronavirus Related Economic Impact Payments Internal Revenue Service announced that the distribution of the economic impact payments will start in the next three weeks and will be distributed automatically, with no action required for most people. [...]
The IRS unveiled the People First Initiative in response to the Coronavirus crisis. Due to the ongoing changes with COVID-19, the IRS unveiled adjustments to their compliance program. The projected state date of these will be April 1st and the effort will [...]
Larson Tax Relief was just informed by the Colorado Department of Revenue that they are not offering collection holds unless you are in an Installment Agreement. We can, however, schedule an Installment Agreement with a start date of end of May. You can [...]
As of Monday morning, the IRS’ call centers are down. This is probably a temporary situation. From the IRS: In response to the national emergency and to protect our employees, America’s taxpayers, communities and our partners, the IRS has [...]
Washington, D.C. March 21, 2020 The Treasury Department and the Internal Revenue Service are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns has been [...]
In a shockingly short period of time, the world has changed for the worse. We are all affected. We are all scared. We are all preparing for a big financial hit. No one knows how or when this will end. The good news is that the US government is finally [...]
The Internal Revenue Service changed regulations that increase the Offer in Compromise application fee to $205 but also provides an additional way for the IRS to waive the Offer in Compromise application fee for low-income taxpayers, based on their [...]
